Bitwise has filed an initial registration for an ETF tracking Sui, joining the race to launch with Canary Captial and 21Shares.
Crypto asset manager Bitwise has filed with the US Securities and Exchange Commission to launch an exchange-traded fund tracking the Sui token.
The firm submitted a Form S-1 filing on Thursday to offer the “Bitwise Sui ETF,” initially registering the product with the SEC and taking the first step toward launching the fund.
Bitwise outlined that the fund would track the spot price of Sui (SUI), the native token of the layer 1 blockchain, the Sui Network.
Bitwise has yet to indicate what the ETF’s ticker will be. Coinbase Custody will serve as the custodian for the product.
Amid the flood of crypto ETFs being approved by the SEC in 2025, a spot SUI ETF has yet to hit the US market. Canary Capital and 21Shares both submitted filings in March and April this year, with the review deadline for the latter coming next month.
The SEC recently approved a 2x leveraged SUI ETF from 21Shares earlier this month, and has passed generic listing standards that make it easier for crypto ETFs to come to market.
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The SUI token was launched in mid-2023 and is currently the 31st largest cryptocurrency by market cap, with a value of $4.98 billion.
An ETF for the asset would likely be seen as a boon by the SUI community, with publicly traded ETFs tracking the asset driving significant demand if successful.
Earlier this month, Bitwise also added SUI to its 10 Crypto Index ETF on the New York Stock Exchange, highlighting that the blockchain is “designed to make digital asset ownership fast, private, secure, and accessible.”
Aside from a potential spot SUI ETF, Bitwise also launched a spot XRP ETF this year, adding to its spot Bitcoin ETF and Ether ETFs.
The firm expects the crypto ETF market to explode in 2026, Bitwise researcher Ryan Rasmussen stating during an interview with the Bankless podcast on Tuesday that he expects to see more than 100 products launch in a rapid fashion next year.
“From here we are going to accelerate forward at ridiculous speed,” he said.
